Children and Finances

My children are getting to an age where I can really see their spending personalities. My daughter, 8, is a planner and already seems to have herself on a budget. She is already thinking about college! When tempted with goodies for sale she very easily walks away and doesn’t seem to think twice.

My son, 11, on the other hand, is super impulsive and totally reckless with money. He spends it on the first things he sees and thinks he wants or just loses it altogether. I honestly wonder where he came from sometimes! I am shocked by his spending habits because I’ve always taught him about value and how hard you have to work for your money.

I let him spend a good portion of his saved dough and was appalled when he came to me complaining that he needed more because he had already spent it all. He was not happy with my “fat chance” response. He suffered from buyers remorse on a few items but didn’t seem to really learn the lesson.

Teach Children about Money

I really believed that my children would learn from my example. Seeing me clip coupons, research my purchases in advance and save up for long term purchases should have prepared them for how to use their own money. Well, my daughter seems to have absorbed something, but my son needs to deposit a reality check in the savings account of his brain.

While exploring the Genworth Financial website, I ran across several helpful articles and actually learned a lot for myself. While I have been embracing teachable moments all along, I haven’t been letting my kids set their own goals. I can’t seem to help but put in my two cents. From now on, I will bite my tongue and let them have control over their financial plans. They’re still just children, so don’t worry, I won’t let them buy anything too outlandish!

About Shelley

Mother of two (Adam, 17, and Chesney, 13), successfully divorced--we're really good friends. Graduated Summa Cum Laude from Benedictine University with a BS in nutrition science. I love food, fitness, reading, and all things science. I'm the sister that travels.

Comments

That’s a great plan on what to teach children about money! One thing I always stressed to my daughters was to save up their money for something really good instead of just spending because you just received money.

It’s very important for children to learn the value of money. It’ll stay with them for life. I remember once when my youngest, who was very little at the time, responded when I told her I didn’t have money to do something – “Just go to the bank and get some money, Mommy,” We had a lesson on money after that.

We’re thinking about how to go about this. Our kiddos are 5 and 2 so still a bit young and neither get an allowance and we don’t plan on it so not sure what we’ll do BUT we agree that teaching them early is important. Will probably do a piggy bank type thing for a savings. but both boys have a savings account that we started for them last year….so ehh still not sure how we’ll approach it 🙂

It’s important to teach children about money. I learned that when I started getting an allowance; we went to the bank and opened a savings account for me, then each week I got to keep $2 of the $5 I received from my allowance, then the other $3 was put into my savings. I also learned I had to either earn things I wanted by saving up my money.

Teaching children about money at a young age is the best thing a parent can do. By paying them small amount to do things and then having them save their money to buy their own things; in the end they learn to appreciate both items more.

I think it is a great idea to start teaching them early about money-earning saving etc…..when they were young and would want me to buy this & that…I remember telling my son one time I didn’t have the money…he said..write a check!!!!! he learned really quickly about you might have checks but no $$$$

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